White House Press Secretary Karoline Leavitt made an appearance on Fox News today, revealing that a tentative agreement has been reached regarding the future of TikTok’s U.S. operations. The deal, although not yet finalized, would involve transferring ownership to majority American stakeholders.
Leavitt disclosed that in the revamped structure of TikTok, six out of seven board seats will be held by Americans. Additionally, the algorithm powering the popular video app will be under U.S. control, as reported by Bloomberg.
“All the specifics have been ironed out; now, we are just awaiting the finalization of this deal, which is expected to happen in the upcoming days,” Leavitt stated confidently.
Further details from Bloomberg indicate that key investors in the revamped TikTok will include Oracle, Andreessen Horowitz, and Silver Lake Management. Oracle will take charge of enhancing the app’s security measures. ByteDance, the current owner, is anticipated to retain less than 20% ownership in the spun-off entity.
President Donald Trump, who has been closely monitoring the situation, has repeatedly extended the deadline for TikTok’s acquisition by new owners. Notably, he announced that China’s President Xi Jinping has given his approval to the proposed deal, as reported by The New York Times.
